Pfizer launching cost reduction program expected to rein in $1.5B by end of 2027

no_limit_pictures Pfizer ( NYSE: PFE ) will embark on a cost savings program that is expected to yield savings of $1.5B by the end of 2027 in its first phase. The plan involves operational efficiencies -- the first phase --network structure changes, and product portfolio enhancements.

The drugmaker noted that savings will begin to be realized in 2025. One-time costs associated with the first phase are $1.7B due mostly to severance and implementation costs.

Pfizer ( PFE ) added that the costs will mostly be recorded in 2024. More on Pfizer Pfizer tax practices targeted by Senate Finance Committee Chair Wyden Pfizer agrees to pay up to $250M to settle Zantac cancer lawsuits - report Pfizer: Offsetting The LOE Cliff Crisis With 6 New Potential Blockbuster Drugs Pfizer Stock: Rebound Has Started (Technical Analysis) Pfizer: Potential Double-Digit Upside Combined With High Dividend Yield.